Maaden’s net profit tumbles 34% in FY16

19/01/2017 Argaam Exclusive

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50.40
(1.00) (1.95 %)

Saudi Arabian Mining Co. (MAADEN)

Saudi Arabian Mining Company (Maaden) reported a net profit of SAR 400.6 million for fiscal year 2016, 34 percent lower year-on-year (YoY) mainly due to higher asset impairment, higher zakat and income tax expenses, and an 83 percent rise in finance charges on higher SIBOR/LIBOR.

 

“Compared to the previous period, sales revenues were lower by 13% mainly due to lower prices for all of our major products except gold,” the company said in a statement to the Saudi bourse. “The decline in sales revenues was largely offset by higher sales volumes in ammonium phosphate fertilizers (APF), ammonia, and gold.”



Financials (M)

Item 2015 2016 Change‬
Revenues 10,956.13 9,463.86 (13.6 %)
Gross Income 2,439.04 2,020.56 (17.2 %)
Operating Income 1,335.34 1,236.59 (7.4 %)
Net Income 605.17 (10.74) (101.8 %)
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) 0.17 0.00 (101.8 %)

The company’s Q4 net profit came in at SAR 15.7 million supported by an increase in prices of aluminum and gold, a 12 percent reduction in cost of sales, and lower prices of raw materials— despite an 11 percent decline in sales on decreasing prices of ammonia phosphate fertilizers (APF).

 

When compared to the previous quarter, however, net profit plunged 81 percent from SAR 83.6 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 2,659.38 2,333.94 (12.2 %)
Gross Income 533.62 424.70 (20.4 %)
Operating Income 200.73 190.83 (4.9 %)
Net Income (206.41) (674.54) (226.8 %)
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) (0.06) (0.19) (226.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 52.60 - 12.07 - 54.87 - 0.02
Q2 2007 72.06 - 27.62 - 65.65 - 0.02
Q3 2007 50.39 - 14.55 - 27.70 - 0.01
Q4 2007 69.08 - 22.48 - (395.41) - (0.13)
Q1 2008 115.39 119.4 % 71.77 494.6 % 34.58 (37.0 %) 0.01
Q2 2008 95.37 32.3 % 40.81 47.8 % (16.07) (124.5 %) (0.01)
Q3 2008 121.74 141.6 % 68.73 372.4 % 63.82 130.4 % 0.02
Q4 2008 127.68 84.8 % 39.41 75.3 % 121.05 130.6 % 0.04
Q1 2009 160.20 38.8 % 75.90 5.8 % 17.64 (49.0 %) 0.01
Q2 2009 176.33 84.9 % 93.38 128.8 % (5.75) 64.2 % 0.00
Q3 2009 163.62 34.4 % 86.45 25.8 % 49.11 (23.0 %) 0.02
Q4 2009 134.30 5.2 % 72.48 83.9 % 333.78 175.7 % 0.11
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 20.63 17.0 % 0.01
Q2 2010 197.32 11.9 % 109.68 17.5 % 31.22 643.4 % 0.01
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (0.20) (100.4 %) 0.00
Q4 2010 196.30 46.2 % 111.08 53.3 % (60.85) (118.2 %) (0.02)
Q1 2011 205.16 33.7 % 127.84 58.7 % 43.73 111.9 % 0.01
Q2 2011 245.64 24.5 % 160.34 46.2 % 62.54 100.3 % 0.02
Q3 2011 202.53 27.1 % 88.46 5.3 % 27.41 14158.5 % 0.01
Q4 2011 879.69 348.1 % 624.67 462.4 % 279.63 559.6 % 0.09
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 246.05 462.7 % 0.08
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 128.27 105.1 % 0.04
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 311.12 1034.9 % 0.10
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 405.50 45.0 % 0.13
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 239.19 (2.8 %) 0.08
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 40.98 (68.0 %) 0.01
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 1,431.41 360.1 % 0.45
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (29.21) (107.2 %) (0.01)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 125.18 (47.7 %) 0.04
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 370.79 804.8 % 0.12
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 485.41 (66.1 %) 0.15
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 375.96 1386.9 % 0.11
Q1 2015 2,743.30 54.5 % 615.81 55.4 % 260.93 108.4 % 0.07
Q2 2015 3,011.46 26.2 % 765.77 1.0 % 270.01 (27.2 %) 0.08
Q3 2015 2,541.99 (19.3 %) 523.84 (44.1 %) 79.91 (83.5 %) 0.02
Q4 2015 2,659.38 (23.5 %) 533.62 (47.9 %) (206.41) (154.9 %) (0.06)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 194.30 (25.5 %) 0.06
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 171.22 (36.6 %) 0.05
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 107.45 34.5 % 0.03
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) (674.54) (226.8 %) (0.19)
2016 9,463.86 (13.6 %) 2,020.56 (17.2 %) (10.74) (101.8 %) 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 31.43 % (40.29 %) 81.55 %
Q1 2008 44.45 % (19.49 %) 58.26 %
Q2 2008 45.30 % (21.82 %) 29.40 %
Q3 2008 50.75 % (18.14 %) 33.17 %
Q4 2008 47.96 % 7.11 % 44.20 %
Q1 2009 44.53 % 9.10 % 36.92 %
Q2 2009 47.35 % 18.11 % 33.58 %
Q3 2009 47.01 % 25.26 % 29.00 %
Q4 2009 51.73 % 30.83 % 62.22 %
Q1 2010 53.02 % 30.85 % 63.37 %
Q2 2010 53.82 % 30.85 % 67.02 %
Q3 2010 53.80 % 27.04 % 59.80 %
Q4 2010 54.54 % 25.14 % (1.30 %)
Q1 2011 57.06 % 24.45 % 1.83 %
Q2 2011 59.93 % 27.47 % 5.61 %
Q3 2011 57.40 % 26.60 % 8.57 %
Q4 2011 65.32 % 50.63 % 26.96 %
Q1 2012 58.47 % 55.81 % 26.37 %
Q2 2012 49.56 % 51.07 % 20.56 %
Q3 2012 46.90 % 50.08 % 19.90 %
Q4 2012 46.52 % 49.91 % 19.56 %
Q1 2013 43.90 % 46.94 % 17.87 %
Q2 2013 39.24 % 42.89 % 15.75 %
Q3 2013 34.83 % 37.19 % 10.83 %
Q4 2013 24.96 % 26.08 % 4.21 %
Q1 2014 21.26 % 21.98 % 2.22 %
Q2 2014 25.55 % 25.60 % 6.51 %
Q3 2014 27.21 % 29.25 % 11.06 %
Q4 2014 28.86 % 33.18 % 12.77 %
Q1 2015 28.36 % 34.39 % 12.88 %
Q2 2015 26.98 % 34.58 % 11.44 %
Q3 2015 24.88 % 34.62 % 8.81 %
Q4 2015 22.26 % 33.03 % 4.21 %
Q1 2016 22.11 % 33.97 % 3.76 %
Q2 2016 21.28 % 33.79 % 2.92 %
Q3 2016 21.75 % 34.37 % 3.00 %
Q4 2016 21.35 % 35.51 % 4.21 %
2016 21.35 % 35.51 % 6.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 3,151.65 - - 1.84
Q2 2007 3,151.65 - - 1.86
Q3 2007 3,151.65 - - 1.87
Q4 2007 3,151.65 (0.08) 0.06 1.74
Q1 2008 3,151.65 (0.08) 0.06 1.75
Q2 2008 3,151.65 (0.11) 0.03 2.14
Q3 2008 3,151.65 (0.10) 0.04 5.10
Q4 2008 3,151.65 0.06 0.06 5.14
Q1 2009 3,151.65 0.06 0.06 5.14
Q2 2009 3,151.65 0.06 0.06 5.14
Q3 2009 3,151.65 0.06 0.06 5.16
Q4 2009 3,151.65 0.13 0.13 5.26
Q1 2010 3,151.65 0.13 0.13 5.27
Q2 2010 3,151.65 0.14 0.14 5.28
Q3 2010 3,151.65 0.12 0.12 5.28
Q4 2010 3,151.65 0.00 0.00 5.26
Q1 2011 3,151.65 0.00 0.00 5.27
Q2 2011 3,151.65 0.01 0.01 5.29
Q3 2011 3,151.65 0.02 0.02 5.30
Q4 2011 3,151.65 0.13 0.13 5.39
Q1 2012 3,151.65 0.20 0.20 5.47
Q2 2012 3,151.65 0.22 0.22 5.51
Q3 2012 3,151.65 0.31 0.31 5.61
Q4 2012 3,151.65 0.35 0.35 5.74
Q1 2013 3,151.65 0.34 0.34 5.81
Q2 2013 3,151.65 0.32 0.32 5.82
Q3 2013 3,151.65 0.67 0.21 6.28
Q4 2013 3,151.65 0.53 0.08 6.27
Q1 2014 3,151.65 0.50 0.04 6.31
Q2 2014 3,151.65 0.60 0.15 6.43
Q3 2014 3,151.65 0.30 0.31 6.58
Q4 2014 3,505.43 0.39 0.39 7.61
Q1 2015 3,505.43 0.43 0.43 7.69
Q2 2015 3,505.43 0.40 0.40 7.77
Q3 2015 3,505.43 0.28 0.30 7.79
Q4 2015 3,505.43 0.12 0.13 7.79
Q1 2016 3,505.43 0.10 0.11 7.29
Q2 2016 3,505.43 0.07 0.08 7.34
Q3 2016 3,505.43 0.08 0.08 7.37
Q4 2016 3,505.43 (0.06) 0.11 7.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 NEG More than 50 1.60
Q4 2008 More than 50 More than 50 0.81
Q1 2009 More than 50 More than 50 0.90
Q2 2009 More than 50 More than 50 1.15
Q3 2009 More than 50 More than 50 1.28
Q4 2009 More than 50 More than 50 1.28
Q1 2010 More than 50 More than 50 1.41
Q2 2010 49.55 49.55 1.30
Q3 2010 More than 50 More than 50 1.61
Q4 2010 NEG NEG 1.62
Q1 2011 More than 50 More than 50 1.82
Q2 2011 More than 50 More than 50 2.01
Q3 2011 More than 50 More than 50 1.89
Q4 2011 More than 50 More than 50 1.83
Q1 2012 More than 50 More than 50 2.54
Q2 2012 More than 50 More than 50 2.16
Q3 2012 39.93 39.93 2.18
Q4 2012 36.56 36.56 2.21
Q1 2013 38.61 38.61 2.29
Q2 2013 35.94 35.94 1.95
Q3 2013 16.22 More than 50 1.74
Q4 2013 23.71 More than 50 2.02
Q1 2014 28.41 More than 50 2.24
Q2 2014 22.28 More than 50 2.09
Q3 2014 More than 50 More than 50 2.41
Q4 2014 27.73 27.31 1.41
Q1 2015 31.28 30.84 1.73
Q2 2015 35.05 34.45 1.79
Q3 2015 36.38 34.59 1.31
Q4 2015 More than 50 More than 50 1.50
Q1 2016 More than 50 More than 50 1.37
Q2 2016 More than 50 More than 50 1.76
Q3 2016 More than 50 More than 50 1.44
Q4 2016 NEG More than 50 1.89

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
Q1 2010 - - - - 4.36 149.12 - -
Q2 2010 - - - - 8.94 188.38 - -
Q3 2010 - - - - 9.93 149.48 - -
Q4 2010 - - - - 6.90 189.40 - -
Q1 2011 - - - - 11.30 193.87 - -
Q2 2011 - - - - 8.11 237.53 - -
Q3 2011 - - - - 22.35 180.18 - -
Q4 2011 594.43 - - - 28.76 254.17 2.32 -
Q1 2012 568.33 - - - 28.30 341.18 0.40 -
Q2 2012 910.61 - - - 25.72 186.05 0.32 -
Q3 2012 1,371.57 - - - 31.73 194.66 0.32 10.23
Q4 2012 1,597.22 - - - 40.12 279.66 0.46 -
Q1 2013 1,157.55 - 192.45 146.15 - - 38.13 (37.73)
Q2 2013 1,020.39 - 216.28 250.08 - - 40.07 (39.81)
Q3 2013 1,104.27 781.46 119.16 (396.23) - - 41.37 (41.24)
Q4 2013 1,040.16 234.19 181.36 - - - (119.57) 118.78
Q1 2014 1,190.21 410.35 174.98 - - - - -
Q2 2014 1,388.16 817.38 180.66 - - - - -
Q3 2014 1,434.27 1,558.04 160.00 - - - - -
Q4 2014 1,565.12 1,713.67 199.49 - - - - -
Q1 2015 1,111.14 1,454.39 177.76 - - - - -
Q2 2015 1,533.95 1,295.95 181.55 - - - - -
Q3 2015 1,337.60 1,026.37 177.23 - - - - -
Q4 2015 1,505.16 985.55 168.67 - - - - -
Q1 2016 1,052.72 1,036.49 181.23 - - - - -
Q2 2016 1,145.68 1,103.85 302.18 - - - - -
Q3 2016 1,058.82 965.85 283.11 - - - - -
Q4 2016 907.84 1,143.08 283.01 - - - - -

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 74.46 (674.54) (1005.9 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Al Rajhi Capital 84.00 (674.54) (903.0) %
Sico 82.00 (674.54) (922.6) %
AlJazira Capital 72.30 (674.54) (1033.0) %
Albilad Capital 71.00 (674.54) (1050.1) %
Alistithmar Capital 63.00 (674.54) (1170.7) %

Current
Market Cap (M Riyal) 186,434.39
Enterprise Value (EV) (M) 217,603.61
Shares Outstanding ((M)) 3,691.77
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 12.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 3.94
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.6

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